Thread regarding State Street Corp. layoffs

How Will STT continue if no one is here

Had more people reach out today to confide in me they are upset about end of year and the lack of recognition STT gives and are now also leaving. Everywhere I look teams are severely understaffed, some comments I've heard over the past week: 'this persons last day is Fri', 'this person is leaving'. 'One person is left on the team', I've even heard 'the entire team walked out' and a whole lot of 'I'm just doing what I can to make it to retirement'. HOW, HOW will STT continue running if there is no one still working? Hiring temp and H1-B? they need training periods. I don't understand it, it's like we are all just on a sinking ship.

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Post ID: @OP+1fmSbN6Z

12 replies (most recent on top)

What would you say is the percentage of H1B workers in the firm. And it looks like there are some departments that have H1B workers more than others.

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Post ID: @6aog+1fmSbN6Z

@Post ID: @6jiq+1fmSbN6Z

Good post !!!!!!!!!

And do not forgot the moral problems caused by doing double and triple workloads
The lack of decent raises and bonuses over the last 10 years.

And when you have a dept with staff cut by 50% that is going to cause moral issues

Worse when you see departments where your friends used to work, now staff by 100% H1B workers. That is going to cause serious moral problems.

This is not the State Street I loved to work for from 1980 to 2005yr

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Post ID: @6plr+1fmSbN6Z

The hostility/resentment isn't towards the h1b workers. I actually work with many. It's towards management and their attitude that all workers below them don't matter....they can be replaced. It's true we can all be replaced but to basically overload people year after year with no corresponding increase in pay is ridiculous. If they can't retain people, they do lose historical knowledge that does cause issues especially in technology because no one knows the web of interdependencies.

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Post ID: @6jiq+1fmSbN6Z

You guys act as though H1B workers can never get it right or that the work you guys do is so complicated. Even if the H1B guys did a perfect job, you guys would still sh-t on them and their work as you believe it is only whites that can do the job. Just pure hatred.

Well, at the end of the day, there is no company that employees don't complain about.

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Post ID: @5vue+1fmSbN6Z

@Post ID: @5ptf+1fmSbN6Z

Have you heard of the term Quality Control ?

It means making sure the work is done correctly

It means to make sure the work is error free

Quality control is something that State Street no longer offers it clients do to the sloppy work of H1B workers

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Post ID: @5ury+1fmSbN6Z

Is it not arrogant to think that because you and your fellow disgruntled colleagues are not happy with STT that it would fail? State Street has existed long before you guys, and I believe it would continue to exist even if you all leave. Get over yourself.

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Post ID: @5ptf+1fmSbN6Z

@Post ID: @4vpu+1fmSbN6Z

There are no good departments due to outsourcing and H1B

All you have are departments with staff doing double and triple workloads

Staff grossly underpaid for all the work they are forced to due

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Post ID: @4tau+1fmSbN6Z

Post from TheLayoff.com

Are there units in State Street that don't have this issue? I would want to imagine not everywhere in STT is bad. In other words, what are are the good departments to work for in State Street.

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Post ID: @4vpu+1fmSbN6Z

@Post ID: @4ype+1fmSbN6Z

You are either a Bean counter who job it is to save money at any cost.
Or you are a H1B worker who has replaced a U.S worker.

Now just try and think how a U.S worker feels when he or she is told.
They will be training their H1B replacement worker or they will not get a severance package when they are LAID OFF.

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Post ID: @4xlg+1fmSbN6Z

Why is there so much hatred for H1B Holders at STT?

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Post ID: @4ype+1fmSbN6Z

@Post ID: @OP+1fmSbN6Z

State Street thought they were so smart when they outsourced and brought in too many H1B workers to save money.

They lost valuable workers with 10, 15, 20+ years experience
The ones who trained all the new hires, the ones who acted as mentors with a vast
knowledge of procedures.

I seen departments were staff was cut by 70%, departments were the a person who been there less than 5 years is training people.

As the old saying goes penny wise pound foolish
And I seen the lack of quality control in the work being done by H1B workers

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Post ID: @1wcn+1fmSbN6Z

Throughout my time in financial companies, it is always strange to see H1-B collecting know-hows for the greater collective, even on the day when they are leaving the company.

I don't know how it works, from my conversations when H1-B workers hit a wall, they have resources to consult remotely at home country.

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Post ID: @vpq+1fmSbN6Z

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